Automotive Driveshaft Market - Drivers and Forecasts by Technavio
May 19 2017 - 6:43PM
Business Wire
Technavio analysts forecast the global automotive
driveshaft market to grow at a CAGR of almost 5% during the
forecast period, according to their latest report.
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Technavio has published a new report on
the global automotive driveshaft market from 2017-2021. (Graphic:
Business Wire)
The research study covers the present scenario and growth
prospects of the global automotive driveshaft market for
2017-2021. To calculate the market size, the report considers the
global sales volume of commercial vehicles and passenger cars.
The global automotive driveshaft market has a linear
relationship with the total sales of passenger cars and commercial
vehicles (including LCVs and MHCVs). The global automotive
driveshaft market is a derived market, and so its growth or decline
depends on the number of vehicles sold. The OEM segment contributes
to the overall market for automotive driveshafts.
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Technavio analysts highlight the following three factors that
are contributing to the growth of the global automotive driveshaft
market:
Increase in sales of passenger cars
The sales of passenger cars are highly correlated with the
market growth of driveshafts as all passenger cars are equipped
with driveshafts. Driveshafts in the passenger cars segment
contribute to the majority of the global automotive driveshaft
market. The global car sales increased by around 3% in 2015 with
SUVs and crossovers accounting for the majority of the sales in the
Chinese and the European passenger cars market.
Praveen Kumar, a lead powertrain research analyst at
Technavio, says, “Increasing preference for fuel efficiency and the
comfort of traveling in three-row seats in crossovers and SUVs are
the main drivers for the SUV and crossover markets in the US.
Though both SUVs and crossovers look similar, they are distinct in
fuel efficiency and usability.”
Growing preference for M&HCVs for transporting
freight
Escalating sales of M&HCVs directly boost the market for
driveshaft as every heavy, medium, and light-duty vehicle is
equipped with two to four driveshafts as per the application of the
vehicle. HCVs are equipped with a minimum of four driveshafts as
they require the most amount of torque for hauling large amounts of
weight.
“In emerging countries, such as China and India, there is a
growing preference for transporting freight through road. The
subsequent increase in the use of heavy, medium, and light-duty
vehicles are likely to experience less share of rail being used for
rail transport,” adds Praveen.
Rising competition among super sports car manufacturers
driving high-performance driveshaft systems
The global sports car market has evolved over the years with
improving automotive technologies, growing economies, and
developing infrastructure across the world. The global automotive
industry has revolutionized the global economy to the extent that
it is one of the primary parameters defining the GDP of a nation,
as owing a vehicle comes second in the list of essentials.
Top vendors:
- GKN
- American Axle& Manufacturing
- HYUNDAI WIA
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Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
+1 630 333 9501UK: +44 208 123 1770www.technavio.com